Articles & Videos

Avoid Double Tax on Nondeductible IRA Contributions

2019-01-16T15:25:37+00:00January 16th, 2019|INDIVIDUAL TAX|

Do you already make nondeductible contributions to a traditional IRA for yourself? If so, it’s important to understand the tax treatments of distributions in order to avoid being taxed twice on income that you are already contributing. Substantiate Your Chosen Strategy When it comes to contributing nondeductible amounts to an IRA, there are usually several [...]

CRI BRADENTON – Accounting Changes and Tax Reform

2019-01-16T09:35:26+00:00January 16th, 2019|Around Town|

The Manatee Chamber of Commerce will be hosting CRI Partners Lorri Kidder and Christy Cardillo to present Accounting Changes and Tax Reform: Changes Every Business and Organization Needs to Know on January 29, 2019. They will be discussing revenue recognition and its application as well as changes to financial presentation for nonprofit organizations. Additionally, they [...]

Uncertainty of Tax Filings Build as Shutdown of Federal Government Continues

2019-01-10T15:49:58+00:00January 10th, 2019|BUSINESS TAX, INDIVIDUAL TAX|

The IRS has recently announced that it will begin accepting both paper and electronic tax returns for the 2018 tax year beginning January 28. However, much of the process remains uncertain due to the ongoing federal government shutdown and how it will affect this year’s filings. While the Trump administration has stated that the IRS [...]

Hurricane Florence and Business Interruption

2019-01-09T12:34:47+00:00January 9th, 2019|DISASTER RECOVERY|

On September 14, 2018, Hurricane Florence made landfall near Wrightsville Beach, North Carolina unleashing destructive winds and rainfall leading to catastrophic loss in the Tarheel state. Eastern North Carolinians bore the brunt of the storm’s excruciatingly slow movement as it dropped as over 30 inches of rain in some places causing flooding in many areas. [...]

Tax Return Implications of Government Shutdown

2019-01-07T16:08:03+00:00January 7th, 2019|BUSINESS TAX, INDIVIDUAL TAX|

During a government shutdown, affected agencies are required to produce a Shutdown Contingency Plan to detail essential functions necessary to continue to operate and nonessential functions that will be closed during the shutdown. The IRS has listed the following functions as nonessential and therefore are currently closed until further notice: 1. Issuance of tax refunds 2. [...]

The Fundamentals of Customer Due Diligence

2019-01-04T13:24:03+00:00January 4th, 2019|FINANCIAL INSTITUTIONS|

AML Perspectives Much has been made of the “Beneficial Ownership Requirements for Legal Entity Customers,” which went into effect July 11, 2016, with a compliance date May 11, 2018. In fact, on the surface, one could mistakenly ascertain FinCEN’s final rule related solely to beneficial ownership. Furthermore, there are indications that [...]

Not For Profits – Notice 2018-99

2019-01-04T11:11:25+00:00January 4th, 2019|NOT-FOR-PROFITS|

While not-for-profit entities generally aren’t concerned with income tax law changes, some of the provisions of the Tax Cuts and Jobs Act that went into effect January 1, 2018, can have a significant impact on them. One such change could create Unrelated Business Taxable Income (UBTI) even if the nonprofit hasn’t previously been subject to [...]

The Deadline for This Year’s Form 1094/1095 Filings is Approaching

2018-12-27T09:59:00+00:00December 27th, 2018|AFFORDABLE CARE ACT (ACA) COMPLIANCE|

With the new year off to a fresh start, this also means it’s time to prepare for the looming deadlines of regulatory compliance. Mandatory under the Affordable Care Act (ACA) is the filing of Forms 1094-C and 1095-C. In the past two years, the IRS has given applicable large employers (ALEs) a one-month reprieve — [...]

Understanding the Management’s Discussion and Analysis (MD&A) Disclosure

2018-12-20T15:28:22+00:00December 20th, 2018|PCAOB AUDITS & SEC COMPLIANCE|

The Management’s Discussion and Analysis (MD&A) is an important disclosure in an annual report because it summarizes the financials and relays management’s insights into the company’s performance. Unlike other disclosures, it is written as a narrative, which allows it to offer key information in a more digestible way. What Is an MD&A? The U.S. Securities [...]

Who Needs a Family Office? It Could Be You!

2018-12-20T13:24:10+00:00December 20th, 2018|INDIVIDUAL PLANNING|

Many people think of a family office as something only for the ultra-wealthy. While that was once the case, today individuals and families of more moderate means are discovering the benefits of a family office to help them manage cash flow, minimize stress, and wisely steward their resources. Could this strategy help your family? The [...]

Blockchain: How It Can Help Your Small Business

2018-12-11T15:29:38+00:00December 11th, 2018|CRYPTOCURRENCY, SMALL BUSINESS|

Blockchain is a hot topic these days. Everywhere you look there’s an article breathlessly hyping its vast potential. But does blockchain have practical uses for small business owners who are focused on the here and now rather than some future technological utopia? It does. In fact, many of blockchain’s prime benefits are especially valuable for [...]

Tax Benefits of Student Loan Repayment

2018-12-05T15:04:51+00:00December 4th, 2018|INDIVIDUAL TAX, TAX REFORM: INDIVIDUAL TAX|

For years, news headlines have been rife with the catchphrases “student loan epidemic” and “student debt crisis.” Unfortunately, these expressions are not hyperbolic; tuition costs continue to rise each year, and federal subsidies are not keeping pace. As a result, students must pay more every year to attend college. Taxpayers are taking years and even [...]

The Evolution of the Bank Secrecy Act

2019-01-03T08:58:08+00:00December 3rd, 2018|FINANCIAL INSTITUTIONS|

AML Perspectives The Bank Secrecy Act (or “BSA”) has long been part of the regulatory landscape as a fundamental component of the safety and soundness process. In fact, most professionals who currently work for or with financial institutions do not recall when BSA was not a critical component of the financial institution [...]

Top 6 Mistakes to Avoid in Your Lease Accounting Plan

2019-01-02T15:10:32+00:00November 20th, 2018|LEASE ACCOUNTING|

Ever since the Financial Accounting Standards Board (FASB) announced new lease accounting standards in 2016, businesses have worked to understand their responsibilities under the revised rules. The new rules apply to all companies. Nonpublic companies must comply starting with financial reports issued on or after December 15, 2020. While this deadline might feel like it’s [...]

The FASB Clarifies How Nonprofits Should Account for Contributions

2018-12-11T15:17:32+00:00November 20th, 2018|NOT-FOR-PROFITS, REVENUE RECOGNITION|

Accounting Standards Update (ASU) 2018-08, titled Clarifying the Scope and the Accounting Guidance for Contributions Received and Contributions Made, was released by the Financial Accounting Standards Board (FASB) on June 21. It clears up some of the more ambiguous facets of the new revenue recognition model that will go into effect for most nonprofits at [...]

The Continued Importance of Risk Assessment for Financial Institutions

2018-12-11T12:51:46+00:00November 20th, 2018|ANTI-MONEY LAUNDERING, FINANCIAL INSTITUTIONS|

AML Perspectives Prevailing FFIEC guidance indicates the Bank Secrecy Act/Anti-Money Laundering (BSA/AML) risk assessment is fundamental to achieving an effective risk-based BSA/AML compliance program. In fact, the FFIEC BSA/AML Examination Manual emphasizes that examiners evaluate the financial institution’s risk assessment as part of the planning and scoping phase of the examination. [...]

Top 10 Employee Fraud Myths and How They Put Small Businesses at Risk

2018-11-29T15:59:36+00:00November 15th, 2018|FORENSICS|

Employee fraud is never an easy topic to discuss, but it’s especially hard to talk about with the owners of small businesses, where employees often feel more like family. While it’s counterproductive to spend every day looking at your employees and wondering who is stealing from you, implementing checks and balances on your employees can [...]